Novavax, Inc. (NASDAQ: NVAX) has completed the COVID-19 vaccine supply deal with the Commonwealth of Australia. As per the deal, Novavax is scheduled to provide 50 million doses of its COVID-19 vaccine candidate to Australia as early as mid-2021.

Novavax vaccine candidate, NVX-CoV2373, had NVAX patented Matrix-M™ to improve the immune response. Novavax is presently carrying out late-stage clinical studies to show the safety of NVX-CoV2373 for the avoidance of COVID-19. This comprises two large crucial Phase 3 clinical studies in the US/Mexico and the UK, as well as a Phase 2b experiment in South Africa.

Shares of Novavax, Inc. (NASDAQ: NVAX) soared 3.59% as it gained +4.44 during the trading session of Thursday. It has a day low range and high range of $124.03 and $129.95, respectively. In the past 52-weeks of trading, this company’s share changed between a 52-weeks low range of $3.65 and a high range of $189.40. It has surged 3410.05% from its 52-weeks low and moved down -32.32% from its 52-weeks high. This company’s market capitalization has remained high, hitting $8.70 billion at the time of writing.

Currently, the novel coronavirus is infecting people all around the world and there is a requirement for several vaccines to prevent this deadly virus from affecting the lives of people. Novavax is endeavoring to get the authorization by working with the TGA of Australia after presenting the safety data of its vaccine candidate.

Novavax is preparing to provide the preliminary doses by mid-2021. The firm also gave an alternative to Australia to order additional 10 million doses of COVID-19 Vaccine in case of need. NVAX has not revealed the terms and conditions of the agreement.